AGP Executive Report

Pakistan Coal Disaster: Rescue teams in Balochistan recovered the last two bodies from the Sorange methane blast, ending a hazardous operation after 34 miners were killed. Mine Safety Push: Pakistan’s mines labour federation demanded a judicial probe and tougher, enforceable safety reforms after repeated disasters. Iran Energy-Geo Risk: An Iranian hardliner warned of regional infrastructure retaliation if energy sites are hit, with Bitcoin mining tied to the stability of Iran’s power grid. Crypto Mining Crackdowns: Russia extended a crypto mining ban across Moscow and parts of Kursk until 2032, while Japan saw a major Bitcoin pool shut down amid hashrate shifts. Canada Nickel Project: Ottawa approved Canada Nickel’s Crawford mine near Timmins, targeting major nickel output and thousands of jobs. Burkina Faso Budget Boost: Burkina Faso plans to raise its 2026 budget after mining reforms lifted state revenues. Vale Outlook: Vale’s profit fell, but it lifted lower-end 2026 forecasts for nickel and copper production. FAST Metals Red Mud Deal: US startup FAST Metals raised $4.3m and secured its first customer to process red-mud waste into critical materials.

Coal India Output Boost: Coal India says July FY26-27 hit a record 64.19 MT of supplies (+18.38% y/y) and 50.36 MT production (+8.44% y/y), extending strong monsoon performance. Pakistan Coal Disaster: A methane blast at a Quetta-area coal mine killed 34 workers; the 45-hour rescue ended with all bodies recovered and a probe ordered. Illegal Gold Crackdown (Indonesia): Gorontalo police shut a suspected illegal gold site, sealing shafts and processing areas and seizing mining gear. Ghana Mining Scrutiny: Ghana’s minority MPs accuse the Minerals Commission of “shoddy” due diligence on Damang Mine-related lease approvals and push for a bigger state equity stake. Rare Earth Push (Japan/Namibia): Japan’s Jogmec plans up to N$565m for the Lofdal rare earth project, aiming for a feasibility decision within a year. Canada Nickel Milestone: Canada Nickel’s Crawford nickel-cobalt project cleared final federal approval, positioning it as the largest nickel mine in the Western world. Copper Supply Shock (Chile): Severe winter storms forced curtailments at major Chilean copper operations, tightening supply as prices hover near highs. Nigeria Solid Minerals Case: EFCC secured five-year convictions for two Chinese nationals over illegal export of mica, copper-bearing and lithium-bearing minerals. Bitcoin Mining Policy Shift (Russia): Russia expanded crypto mining restrictions into Moscow and parts of Kursk, reducing capacity in a major mining hub. Gold Market Watch: Gold held above $4,000 and posted its first monthly gain in five months as Fed expectations cooled.

Coal Supply Reality Check (US): A new USGS report says about 4 billion tons of coal remain at existing U.S. mines, plus 356 billion tons could be developed on federal land—though the article stresses that “plenty” of coal doesn’t automatically mean it’s buildable or in demand. Nickel Project Approvals (Canada): Ottawa approved Canada Nickel’s Crawford Nickel Project in northern Ontario, projecting up to $5B investment and thousands of jobs, while also flagging impacts that must be managed under conditions. Copper-Nickel Plan Update (Minnesota, US): NewRange Copper Nickel filed changes to the NorthMet project design, aiming to cut water discharge and adjust water, waste storage and transport—setting up a potential additional review. Mining Safety Tragedy (Pakistan): A methane explosion at a coal mine near Quetta killed at least 34 miners, with rescue efforts continuing and officials pointing to recurring safety gaps. Silver Market Tightness: Silver is tracking toward a sixth straight annual supply deficit in 2026 as industrial demand rises while mine output stays constrained. Energy/Trade Pressure (US-China): The U.S. expanded its forced-labor import blacklist by 43 Chinese firms, including metals-linked companies, adding to supply-chain and compliance pressure for industrial inputs. Local Governance & Permitting (Alberta, Canada): Alberta approved permits for a major coal mine expansion despite environmental opposition, underscoring how regulatory decisions can reshape project timelines. Ghana Mining Oversight Fight: Ghana’s parliamentary minority criticized the Minerals Commission and the ratification of six mining leases, alleging procedural and due-diligence failures.

Coal Disaster in Pakistan: A methane gas explosion at a private coal mine in Sorange, near Quetta, killed at least 34 miners, with rescue teams still searching for trapped workers as officials warn survival chances fall fast after oxygen drops. Mine Safety Pressure: The ILO urged Pakistan to strengthen mine safety and ratify ILO Convention 176 after the tragedy, while local authorities promised investigations and compensation for families. Corporate Earnings Watch: Linde posted Q2 2026 results with higher net income and cash flow; AngloGold Ashanti reported rising free cash flow and declared an interim dividend plus a proposed $2bn buyback. Project Progress: St George Mining advanced its Araxá niobium-rare earths work and raised $60m; Orion Minerals said Glencore prepayment drawdown is on track for end-August. Critical Minerals & Geopolitics: Goldman Sachs flagged a new “mine-to-magnet” investment cycle as AI, EVs and energy buildouts boost demand for copper and rare earths. Exploration Update: Ora Banda expanded Little Gem gold footprint, extending Sapphire lodes over 2.6km ahead of a late-2026 resource estimate. Environment & Permits: Greenpeace says nickel licences in Indonesia’s Raja Ampat overlap UNESCO marine biodiversity zones, calling for independent monitoring.

Coal Mine Tragedy: Pakistan’s Quetta region is reeling after methane-triggered blasts at coal mines in Sorange and nearby sites killed at least 18 miners, with dozens trapped; the death toll later climbed further as rescue teams battled damaged air passages and collapsed workings. Labor & Operations: BHP’s Pilbara iron-ore operations face renewed escalation as unions plan protected industrial action, including a 24-hour ship-loading ban and stoppages at Port Hedland starting August 8-9. Critical Minerals Push: Zimbabwe reported lithium exports of $782m in the first half of 2026 and says it will ban concentrate exports from January 2027 as it ramps up higher-value processing. Regional Supply Deals: South Korea and Chile signed five MOUs, including a mineral resources partnership to deepen lithium and copper cooperation across the value chain. Policy & Legal Fight: Alberta’s anti-coal “Water Not Coal” petition led by Corb Lund is headed to judicial review after Elections Alberta rejected it over signature verification. Cyber Risk in Mining: A new industry warning says mining’s shift toward digital and autonomous operations is driving a rise in cyber threats targeting operational technology and third-party suppliers. Company Updates: DPM Metals posted record Q2 free cash flow and earnings, while Eldorado Gold reported solid Q2 results and leadership transition steps. Environmental Fallout: Turkey’s Afşin-Elbistan coal power plant drew fresh scrutiny after aerial footage showed pollution spreading beyond the site, with health impacts flagged by experts. Corporate Governance: Eldorado Gold also received TSX approval to renew its normal course issuer bid.

Mining policy & community pushback: The Catholic Bishops’ Conference of the Philippines says it will intensify opposition to mining and “aggressive development,” setting up an Integral Ecology Ministry to widen its environmental advocacy. Illegal mining crackdown: Pakistan police arrested six men for illegal placer gold mining along the Indus River and seized extraction machinery, warning of continued action against unpermitted mining. Project development (gold): Horizon Gold advanced its Gum Creek Gold Project with a definitive feasibility study targeting a 10-year operation producing about 880,000 ounces, aiming for first production in the second half of 2028. Copper project paperwork: Surge Copper filed its NI 43-101 technical report for the Berg Copper Project, supporting its pre-feasibility study progress toward feasibility and environmental assessment. Corporate results (gold/copper): Philex Mining posted a first-half net loss of P200.4m despite a stronger Q2, citing unrealized forex losses; Hudbay also reported solid Q2 output and reaffirmed guidance. Safety & ESG: ICMM said member fatalities fell to 39 in 2025 but warned the broader trend since 2021 remains concerning, urging stronger fatal-risk prevention. Energy transition tie-in: RWE is building a 236 MW/470 MWh battery storage facility at the Hambach mine site, targeting grid balancing from 2027. Finance & metals demand: World Gold Council reported global gold demand was flat at 1,269 tonnes in the June quarter, with ETF investment cooling as prices moderated. Uranium build (Canada): Denison Mines moved Phoenix uranium project into full-scale construction, including a freeze-wall approach to contain mining solutions. Crypto mining fraud (Russia): BitRiver founder Igor Runets was transferred to pretrial detention over alleged $12.5m equipment fraud tied to En+ Group.

Oil Refining Shutdown Backlash (Canada): Unifor blasted HF Sinclair’s plan to end base oil refining at its Mississauga plant by 2027, warning it will shift lubricant supply offshore and hit workers tied to Canada’s largest producer. Angola Oil Incentives: Angola’s Council of Ministers reviewed extra tax incentives for oil blocks 34 and 35 and moves to grant Sonangol mining rights and adjust contract terms. Rare Earths Discovery (Brazil): Enova Mining surged after auger drilling confirmed near-surface NdPr rare earth mineralisation at the Santo António Do Jacinto project, setting up further drilling in new areas. Coal Quality Push (India): A parliamentary committee urged faster modernisation of washery infrastructure to tackle high-ash coal and boost availability of higher-quality output. Coal Expansion Scrutiny (Canada/US): Elk Valley Resources’ proposed BC coal mine expansion faces environmental assessment pressure over selenium pollution concerns affecting downstream areas. Mine Incident (US): An electrical fire at the 16 to 1 Mine in California triggered a full response and tripped PG&E safety systems, cutting power locally. Gold Drilling Updates (Australia/US): Lodestar Minerals reported thick, high-grade gold hits at Central Park within WA’s Ned’s Creek project; Fortitude Gold also released high-grade oxide step-out results at Isabella Pearl (Nevada). Regulatory/Permitting (US): Minnesota’s DNR is reviewing NewRange’s NorthMet changes, including higher daily ore output and a shorter mine life, to determine if a supplemental environmental review is needed. Deep-Sea Mining Rules (UN): The International Seabed Authority extended a deep-sea exploration contract for The Metals Company’s unit while again failing to finalise commercial mining rules. M&A/Gold (Africa): Zijin abandoned its C$5.5bn Allied Gold takeover, but will invest about US$295m via a private placement to keep a minority foothold in Allied’s African assets. Company Results (Gold): Philex Mining posted a Q2 net income turnaround but a first-half net loss tied to unrealised forex losses; Kinross declared a Q2 dividend and reiterated progress on its Lobo-Marte project update. Seabed/Restoration (US): The Yurok and Karuk Tribes began planning a large Klamath River restoration project aimed at reversing historic mining impacts on salmon and steelhead habitat.

Rio Tinto Dividend Boost: Rio Tinto shares jumped after first-half results, with the miner announcing a 43% higher shareholder dividend to US$2.11 per share, powered by strong copper earnings and cost discipline. Copper Output Update: Glencore reported mixed H1 production, with copper up 15% to 397,000 tonnes while cobalt and zinc fell, as quota and mine-life factors bite. Copper-Silver Exploration: Aruma Resources advanced its Tillex copper-silver case in Ontario with broad, high-grade intersections from maiden drilling, supporting a scalable sulphide model. Gold Drilling News: Newcore Gold hit 3.67 g/t Au over 25.3 m at Enchi’s Nyam deposit, while Alkane lifted Storheden’s resource in Sweden to 1.07 Mt at 2.51 g/t Au (87 koz). Project Moves & Funding: Solis Minerals added a drill-ready Brazil lithium project and secured permits for Peru copper programs, while Hudbay flagged progress on its Copper World project and improved cash-cost guidance. Corporate Actions: Sable approved a 10-for-1 share consolidation, and Surge Copper refreshed its board slate ahead of its AGM. Policy & Permitting: Kenya suspended Tata Chemicals Magadi mining operations over compliance gaps, and a Tenaska open house in Virginia drew health-impact concerns tied to air-permit review. Rare Earths Spotlight: St George Mining logged a record 207 m rare-earths and niobium intercept at Araxá, and IMC Rare Earths raised $20m in a NYSE IPO. Mining Tech Push: The US signed an MoU to accelerate AI, automation and sensors for critical-mineral mining and safety.

Deep-Sea Mining Governance: The International Seabed Authority Assembly is under way in Kingston, Jamaica, as Pacific states and groups push for a global moratorium amid warnings that science and safeguards lag behind plans to expand deep-sea mining. Company Results: First Quantum Minerals reported Q2 net earnings of US$136M, up from US$18M a year earlier, citing progress at Kansanshi and processing work at Cobre Panamá. M&A and Restart Moves: Canadian Copper bought the shuttered Caribou Mine in northern New Brunswick, aiming to revive Bathurst-area mining by using the mill to process metals from nearby pits. Earnings Pressure in Iron Ore: Kumba Iron Ore said headline earnings per share fell 41% for the half-year ended June, blaming a stronger rand, disruptions, and higher fuel and ammonia costs. Uranium Cleanup Breakthrough: Researchers in Germany found microbes from a flooded uranium mine can immobilize dissolved uranium, cutting contamination by about 96% in lab tests. Geopolitics at Hormuz: Iran warned it will block vessels linked to entities benefiting from frozen Iranian assets, while also opposing plans to bring in others to clear mines in the Strait of Hormuz. Construction Milestone (Uranium): Denison Mines says full-scale construction has begun at its Phoenix in-situ recovery uranium project after site-prep ramped up workforce capacity. Shipping Disruption (Ukraine): Ukraine’s Southern Mining and Processing Plant suspended operations after Russian attacks disrupted Black Sea exports, with a planned restart in August. Investor/Legal Watch (Coal): New class-action notices target Peabody Energy over alleged misstatements tied to ramp-up issues at the Centurion metallurgical coal mine.

Solomon Islands Mine Disaster: Gold Ridge landslide near Honiara has killed at least one person, with officials warning the death toll is still unclear as recovery continues. Black Sea Shipping Shock: Ferrexpo says a drone strike damaged a pellet-carrying vessel in Ukrainian waters, disrupting exports via the Black Sea and pushing it to seek at least $100m in equity support as liquidity worsens. Gold Resource Updates: Westhaven Gold reported more infill drilling results at Shovelnose, including 27.51m at 14.47 g/t Au and 52.3 g/t Ag, while Dundee’s Westhaven-linked Shovelnose program continues toward a PFS in H2 2027. Copper-Gold Exploration: VR Resources confirmed new IP and conductivity anomalies at its Bonita porphyry copper-gold project in Nevada, and True North Copper extended the Aquila system over 1.8km at Mt Oxide. Project Moves: FireFly Metals advanced its Green Bay restart case with high-grade core intersections, while Blencowe Resources lifted the Orom-Cross graphite project valuation to $1.254bn. Energy for Mines: EVelution Energy says groundwater is sufficient for its proposed Arizona cobalt processing facility, and Zimbabwe’s ZERA approved a 36MW solar-plus-48MWh battery licence for Kamativi Mine. Coal Capex: Coal India raised Q1 capex 16.64% to Rs 3,399 crore, led by land acquisition and rail/evacuation spending. Iron Ore Earnings Pressure: Kumba cut its interim dividend 52% as profit fell 42% on freight, rand and war-linked costs.

Chile Operations: Lundin Gold reported strong high-grade results at FDN (including 108.61 g/t Au over 11.75m) and said power restoration at Caserones should enable a gradual restart in 2–3 weeks after a severe winter storm. Copper Outlook: Citi kept bullish copper targets, pointing to tighter physical markets and supply pressure in China despite tepid demand. Copper M&A: Evolution Mining is set to acquire Carnaby Resources for A$213m, aiming to add copper production tied to the Greater Duchess project near Ernest Henry, with Glencore linked via an offtake replacement. Critical Minerals Policy: Québec selected Troilus Mining’s Troilus copper-gold project for Filon specialized permitting support, signaling faster coordination for strategic mines. Community Benefit Push: Malawi’s mining minister said CSR obligations are now legally binding under the 2023 Mines and Minerals Act, responding to complaints about long-running compliance gaps. Gold Lease Fight (Ghana): Gold Fields filed a Tarkwa gold lease renewal proposal as debate continues over local participation and community benefits. Safety & Disruption: Coal India missed profit expectations on weak volumes and higher costs, while Impala Platinum paused Rustenburg mining for a critical safety review after employee deaths. Illegal Mining Crackdown (Philippines): Authorities arrested four men in Surigao City and seized backhoes and suspected gold ore worth about P9.5m in an anti-illegal operation. Data Center Friction (US): Residents in Hanover Township escalated opposition to a proposed data center campus near a former strip mine, citing health and emissions concerns.

Rare Earth Geopolitics: China’s export curbs are pressuring US rare-earth magnet plans, while REalloys says it’s rebuilding a North America mine-to-magnet chain to meet looming US defense procurement deadlines. Autonomous Mining Expansion: CiDi is scaling driverless mining fleets abroad, reporting 1,700+ vehicles deployed across quarries and coal mines and preparing robotic blasting and drilling for “very dangerous” work. M&A Copper Push: Evolution Mining will buy Carnaby Resources in an all-scrip deal worth about A$213m to feed Ernest Henry with Carnaby’s Greater Duchess copper-gold project. Gold Safety & Disruption: A landslide at Solomon Islands’ Gold Ridge open pit has left at least 10 feared dead as locals search for missing relatives. Zimbabwe Value-Add: Zimbabwe’s first lithium sulphate processing plant is operating, supporting a broader push to stop raw mineral exports and build battery-related capacity. Tanzania Crackdown: Tanzania seized 4,402.20g of smuggled gold worth Sh1.238bn, with taxes and fees recovered and the gold held at the Bank of Tanzania. Project Permitting Progress: Riversgold says technical studies for its Kalgoorlie Northern Zone open pit show no material geotechnical, groundwater, or acid mine drainage risks, advancing key approvals. Mining Operations Resumption: Fury Gold Mines resumed drilling at Eau Claire after a wildfire-triggered precautionary suspension. Safety Reset: Implats temporarily suspended production at Rustenburg to conduct a safety reset after an uptick in serious incidents.

Strait of Hormuz Tensions: Iranian-linked reports say an oil tanker struck a sea mine and exploded after leaving Iran’s designated route, as Iran also claimed it intercepted multiple ships—raising fresh uncertainty for one of the world’s key oil chokepoints. Diplomacy vs Risk: The US paused its bombing campaign for talks, with Oman-mediated channels cited, but the mine incident shows hazards may not be easing. Indonesia Exports Under Scrutiny: Indonesian customs reportedly delayed shipments of alumina and nickel pig iron after new checks for rare earths and radioactive elements, signaling tighter compliance pressure on critical mineral flows. Ghana Local Control Push: Apinto chiefs appealed against renewing Gold Fields’ Tarkwa lease, arguing for wholly Ghanaian ownership and stronger community benefits amid environmental concerns. UNESCO Industry Spotlight: Jingdezhen’s porcelain production system was added to UNESCO’s World Heritage List, underscoring how raw materials, transport and workshops shaped a long-running manufacturing chain. Crypto Policy Meets Mining: A US House Ways and Means push targets crypto tax rules affecting mining and staking, including potential deferrals and reduced paperwork for small transactions. Mining Performance Watch: Mastermyne reported FY26 revenue and EBITDA above guidance, while Atlas Mining shares jumped on a turnaround tied to copper output and redevelopment progress. Critical Minerals Supply Chain: Alcoa’s Wagerup gallium plant final investment decision positions WA as a non-China gallium hub, potentially opening a wider critical minerals wave for juniors. ESG Compliance Tightens: 2026 brings mandatory, audit-ready sustainability reporting rules (ISSB/CSRD and others), shifting ESG from voluntary claims to capital-market-grade disclosure.

Freeport-McMoRan Earnings: FCX beat profit expectations as copper prices surged, even as output fell and Indonesia’s Grasberg recovery continues after last year’s deadly mud flow. Ghana Anti-Galamsey: Ashanti’s security council imposed an indefinite ban on mining around Lake Bosomtwe and other districts, citing environmental damage and pledging surveillance and reclamation. Ghana Gold Smuggling Crackdown: Education Minister Haruna Iddrisu said President Mahama is reducing gold smuggling and pointed to record gold export receipts. Zimbabwe Lithium Push: Mutapa Resources says it has secured US$300m for lithium processing at Sandawana and unveiled a US$212m gold expansion targeting 110,000oz in 2026. India Illegal Coal Enforcement: CISF carried out 85 raids over July 20-26, seizing 1,277 tonnes of illegally mined coal and arresting five. India Metals Shift to Recycling: Ashika flags a structural move from mining to organised recycling, driven by scrap formalisation and battery and producer-responsibility rules. Hindustan Zinc Capex: Vedanta’s Hindustan Zinc plans about $500-600m (₹5,000 crore) in FY27, mostly for ongoing mining and smelter projects. Ecowas Gas Deal: Ecowas greenlit a Nigeria–Morocco mega gas pipeline framework for a 2028 start, aiming at 30 bcm/year. Indonesia Forest Crackdown: North Sulawesi forestry authorities shut illegal gold mining using heavy equipment in a production forest and detained suspects. Mining Meets AI Infrastructure: Earnings coverage highlights how data-center demand is pulling money into both copper mining and data-center real estate. Royal Navy Minehunting: Minehunting teams deployed uncrewed seabed scanning systems for overseas readiness, reflecting rising focus on clearing shipping lanes. Poolin Bankruptcy: Bitcoin miner Poolin filed for Chapter 11 and seeks approval to sell Texas assets amid large liabilities.

Ghana Mining & Local Control: Apinto Divisional Council chiefs in Tarkwa are pushing the government to hand over the Gold Fields Tarkwa Mine to a Ghanaian-owned operator when the lease ends in April 2027, arguing multinational mining has degraded thousands of hectares and failed host communities. Zimbabwe Lithium Rail Export: Zimbabwe’s NRZ and Beitbridge Bulawayo Railway have started shipping lithium concentrate from Gwanda Lithium Mine to Maputo Port, with the first 1,000 tonnes moving by rail for export. Zimbabwe Coal Value-Add: Hwange Colliery Company commissioned a rehabilitated coke oven battery after a 2014 shutdown, aiming to boost metallurgical coke output for the steel sector. Zimbabwe Education Funding for Mining Tech: Ghana’s “No Fees Stress” style policy isn’t here—rather, Ghana’s education minister says UMaT’s Kenyasi Number Two campus is being operationalised with major government spending under the “No Stress Free” initiative. Rare Earths Deep-Sea Push: Japan says deep-sea mud samples near Minamitorishima contain medium and heavy rare earths and plans a large-scale mining test from February 2027. Illegal Gold Crackdown: Panama authorities arrested six over alleged illegal gold extraction in the Río María Prieto ravine. Mining M&A Momentum: A week of coverage points to a 2026 consolidation push, with investors focused on valuation gaps and buying de-risked assets rather than building new projects.

Critical Minerals Policy: Sweden declared critical metals and rare earth mining a national security interest, aiming to cut dependence on China. Deep-Sea & Offshore: BOEM extended public comments on possible seafloor mining off Virginia’s Eastern Shore through Aug. 22. Project & Market Disruption: A “black swan” winter storm hit northern Chile, forcing major copper producers to suspend operations and raising supply concerns. Mining Safety & Human Cost: Two sisters died in an artisanal gold mine collapse in Huambo, Angola, as authorities warn against unlicensed excavation. Regulation & Courts: India’s Supreme Court ruled stamp duty on mining leases should be based on anticipated royalty, not dead rent. Exploration & New Supply: Pakistan reported lithium in geothermal formation water in Sindh, while Nevada advanced a silica mine plan targeting ultra-high purity for semiconductors and AI. Corporate Moves: Caliber Mining and Logistics listed at a near-18% premium after a strong IPO debut. Energy & Security: Ukraine struck Russia’s Tyumen oil refinery with drones, with knock-on concerns for energy-linked crypto mining economics. Local Enforcement Politics: Ghana’s illegal mining crackdown faces scrutiny as a lecturer says financiers must be prosecuted, not just vulnerable miners.